Singapore best ASEAN tax destination

Singapore was ranked 5th out of 185 economes in terms of ease in paying taxes, according to the “Paying Taxes 2013” report compiled by PricewaterhouseCoopers (PwC) and the International Finance Corporation, a World Bank Group member.

In the ASEAN region, Malaysia clinched the 2nd sport and Brunei the 3rd, ranking 15th and 22nd respectively in the global ranking.

Along with the three ASEAN countries, other high-income economies that lowered their taxes during the period are Japan, Korea, Puerto Rico, Slovenia and the UK.

The report, released in November, ranked economies according to the ease that businesses experience in paying taxes.

According to the report, the overall ease of paying taxes was based on “mandatory contributions that a medium-sized company must pay in a given year as well as measuring the administrative burden of paying taxes and contributions”.

Some of the taxes and contributions that were measured included taxes on profit or corporate income, social contributions and labour taxes by the employer, property, property transfer, dividend, capital gains, financial transactions, waste collection vehicle and road taxes and other small taxes or fees.

The report measured ease in paying taxes using three indicators: tax payments, time given to comply and the total rate imposed.

Singapore was ranked 5th out of 185 economes in terms of ease in paying taxes, according to the “Paying Taxes 2013” report compiled by PricewaterhouseCoopers (PwC) and the International Finance Corporation, a World Bank Group member.

In the ASEAN region, Malaysia clinched the 2nd sport and Brunei the 3rd, ranking 15th and 22nd respectively in the global ranking.

Along with the three ASEAN countries, other high-income economies that lowered their taxes during the period are Japan, Korea, Puerto Rico, Slovenia and the UK.

The report, released in November, ranked economies according to the ease that businesses experience in paying taxes.

According to the report, the overall ease of paying taxes was based on “mandatory contributions that a medium-sized company must pay in a given year as well as measuring the administrative burden of paying taxes and contributions”.

Some of the taxes and contributions that were measured included taxes on profit or corporate income, social contributions and labour taxes by the employer, property, property transfer, dividend, capital gains, financial transactions, waste collection vehicle and road taxes and other small taxes or fees.

The report measured ease in paying taxes using three indicators: tax payments, time given to comply and the total rate imposed.